[1] We developed a new polar magnetic (PM) index of geomagnetic activity which, similarly to the existing polar cap index, was computed from magnetic field data from near-pole geomagnetic observatories. However, we used a different method for its calculation, which provided the high correlation of this index with both solar wind data and many events in geospace environment. This improves significantly the reliability of forecasting geomagnetic disturbances and such key parameters as cross-polar-cap voltage and Joule heating in high-latitude ionosphere, which play an important role in the development of global geomagnetic, ionospheric, and thermospheric disturbances. In this paper, we examined PM index in the Northern Hemisphere only. We tested the PM index for 10-year period. The correlation between PM index and upstream solar wind data for all these years is very high (the squared correlation coefficient R 2 % 0.74 which corresponds to the linear correlation coefficients R % 0.86). The PM index also shows the high correlation with the cross-polar-cap voltage and hemispheric Joule heating (the squared correlation coefficient R 2 between the actual and predicted values of these parameters reaches $0.81 which corresponds to the linear correlation coefficients R % 0.9), which results in significant increasing the prediction reliability of these parameters. Thus, the polar magnetic (PM) index of geomagnetic activity provides a significant increase in the forecasting reliability of geomagnetic disturbances and related events in geospace environment, and it may be used as an important input parameter in modeling ionospheric, magnetospheric, and thermospheric processes.Citation: Lyatsky, W., and G. V. Khazanov (2008), A new polar magnetic index of geomagnetic activity, Space Weather, 6, S06002,